Decision details
Additional Equity Investment into Peterborough HE Property Company Ltd for Phase 3 of the University* - JUN23/CAB/6
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Purpose:
Investment in additional share capital in the
Peterborough HE Property Company to enable phase 3 of the new
university to progress.
Decision:
Cabinet considered the report and RESOLVED to:
1. Review recommendation 2 which had been considered at Shareholder Cabinet Committee, on 12 June 2023 and approved;
2. Approve an additional investment of 1,300,000 Ordinary Shares (to the value of £1 per share) into Peterborough HE Property Company Ltd, to enable phase 3 of the University development to proceed, as Shareholder Cabinet Committee, at its meeting on 12 June 2023, had made the appropriate recommendation to Cabinet;
3. Delegate authority to the Executive Director for Place and Economy, in consultation with the Executive Director for Resources, to agree final versions of the subscription letter and the funding profile to be included in the shareholder’s agreement with Peterborough HE Property Company Ltd.
Reasons for the decision:
The recommendations contained in this report are designed to ensure that phase 3 of the new university programme can continue as planned and on schedule.
Alternative options considered:
These are described in section 4 of the report.
Interests and Nature of Interests Declared:
None.
Background Documents:
Publication date: 19/06/2023
Date of decision: 19/06/2023
Decided at meeting: 19/06/2023 - Cabinet
Effective from: 24/06/2023
Accompanying Documents:
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